How much do I need for a mortgage down payment in Ontario?

The minimum down payment in Canada is 5% down, whether you are a first time home buyer or a repeat buyer.  The 5% down applies to homes priced $500,000.00 or lower.  Homes above that price require a minimum down payment 5% down up to $500,000.00 and then 10% down on the amount above $500,000.00

Example:

Purchase price : $650,000.00

$500,000.00  x  5% = $25,000.00

$150,000.00 x 10% = $15,000.00

Total down payment required: $25,000.00 + $15,000.00 = $40,000.00